Results of Operations. Year ended September 2017 compared with year ended September 2016 (consolidated results) On November 16, 2017, we issued our audited financial statements for the year ended September 30, 2017, which are included in the ANZ New Zealand Financial Statements attached to this Offering Memorandum as Annex A. The table below sets forth our results for the years ended September 30, 2017, 2016 and 2015. Summary Income Statement Year ended September 30, NZ$ millions, unless otherwise stated 2017 20172 20162 20152 US$ millions1 Interest income 4,478 6,198 6,423 6,926 Interest expense 2,284 3,161 3,421 4,051 Net interest income 2,194 3,037 3,002 2,875 Other operating income 678 938 852 1,175 Net operating income 2,872 3,975 3,854 4,050 Operating expenses 1,061 1,468 1,599 1,512 Profit before credit impairment and income tax 1,811 2,507 2,255 2,538 Credit impairment charge 45 62 150 74 Profit before income tax 1,767 2,445 2,105 2,464 Income tax expense 491 680 570 681 Profit after income tax 1,275 1,765 1,535 1,783
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on the following page and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reporting groups: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE SAME PERIOD OF 2000 IDEX reported record sales; however, recorded lower net income and earnings per share for the first quarter of 2001 compared with last year. Incoming orders of $189.7 million were 2% lower than 2000 as a result of an 11% decrease in the base businesses and a 2% negative effect from foreign currency translation partially offset by 11% growth from recent acquisitions. Net sales for the three months ended March 31, 2001 were $187.4 million, a 6% increase over the $176.7 million for the comparable 2000 period. Acquisitions accounted for a 13% improvement, which was partially offset by a 5% decline in base sales activity and a 2% unfavorable currency translation. Net income was $7.2 million, 54% lower than the $15.8 million earned in the first quarter of 2000. Diluted earnings per share decreased 29 cents to 23 cents, down 56% compared with the same period a year ago. Excluding the one-time restructuring charge, net income was $10.7 million, 32% lower than the $15.8 million earned in last year's first quarter, and diluted earnings per share were 35 cents, down 33% from 52 cents last year. In the first three months of 2001, the Pump Products Group contributed 58% of sales and 60% of operating income, the Dispensing Equipment Group accounted for 19% of sales and 17% of operating income, and the Engineered Products Group represented both 23% of sales and operating income. In the first three months of 2001, international sales grew by 9% while domestic sales increased by 4% compared with last year. As a result, international sales were 41% of total sales, up from 40% in the same quarter of 2000. Pump Products Group sales of $109.7 million for the three months ended March 31, 2001 increased by $10.8 million, or 11%, from 2000 principally reflecting the Ismatec, Trebor and Liquid Controls acquisitions which added 16% to the first quarter sales. Base business sales volume was down 4% from last year and foreign currency had a 1% negative effect on the Group's sales comparison to 2000. In the first quarter of 2001, international sales grew by 24% and domestic sales increa...
Results of Operations. Overview of the Three and Six Months Ended June 30, 2015 and 2014 The following tables set forth selected information concerning our results of operations as a percentage of consolidated net revenue for the periods indicated (in thousands): Three Months Ended June 30, 2015 % of Revenue 2014 % of Revenue Dollar Change % Change Revenue $ 1,020 100.0 % $ 1,410 100.0 % $ (390 ) (28 %) Cost of revenue 412 40.4 % 699 49.6 % (287 ) (41 %) Gross profit 608 59.6 % 711 50.4 % (103 ) (14 %) Operating expenses: Sales and marketing 295 28.9 % 390 27.7 % (95 ) (24 %) Product development and technical operations 631 61.9 % 1,217 86.3 % (586 ) (48 %) General and administrative 477 46.8 % 999 70.9 % (522 ) (52 %) Restructuring charge 217 21.4 % 7 0.5 % 210 3000 % Total operating expenses 1,620 158.8 % 2,613 185.3 % (993 ) (38 %) Income loss from operations (1,012 ) (99.2 %) (1,902 ) (134.9 %) 890 (47 %) Non-operating income (expense), net 19 1.9 % 41 2.9 % (22 ) (54 %) Loss from operations before income taxes (993 ) (97.4 %) (1,861 ) (132.0 %) 868 (47 %) Net loss $ (993 ) (97.4 %) $ (1,861 ) (132.0 %) $ 868 (47 %) Six Months Ended June 30, 2015 % of Revenue 2014 % of Revenue Dollar Change % Change Revenue $ 2,004 100.0 % $ 2,468 100.0 % $ (464 ) (19 %) Cost of revenue 864 43.1 % 1,390 56.3 % (526 ) (38 %) Gross profit 1,140 56.9 % 1,078 43.7 % 62 6 % Operating expenses: Sales and marketing 703 35.1 % 845 34.2 % (142 ) (17 %) Product development and technical operations 1,333 66.5 % 2,417 97.9 % (1,084 ) (45 %) General and administrative 807 40.3 % 1,641 66.5 % (834 ) (51 %) Restructuring charge 293 14.7 % 16 0.7 % 277 1731 % Total operating expenses 3,136 156.5 % 4,919 199.3 % (1,783 ) (36 %) Loss from operations (1,996 ) (99.6 %) (3,841 ) (155.6 %) 1,845 (48 %) Non-operating income (expense), net 15 0.7 % 84 3.4 % (69 ) (82 %) Loss from continuing operations before income taxes (1,981 ) (98.9 %) (3,757 ) (152.2 %) 1,776 (47 %) Income tax expense — — — 0.0 % — — Net loss $ (1,981 ) (98.9 %) $ (3,757 ) (152.1 %) $ 1,776 (47 %) Overview of the Years Ended December 31, 2014 and December 31, 2013 The following table sets forth selected information concerning our results of operations as a percentage of consolidated net revenue for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, % of % of Dollar % 2014 Revenue 2013 Revenue Change Change Revenue $ 4,702 100.0 % $ 6,679 100.0 % $ (1,977 ) (30 )% Cost of revenue 2,441 51.9 % 4,474 67.0 % (2,033 )...
Results of Operations. The Parties have displayed their agreement regarding the fundamental ratemaking metrics at issue in this proceeding in Attachment 2. The Parties’ agreement does not extend to any figures that are not displayed in Attachment 2.
Results of Operations. The following table sets forth selected financial data as a percentage of total revenues for the periods indicated: YEAR ENDED DECEMBER 31, ----------------------- 2001 ---- 2002 ---- 2003 ---- Research services........................................... 80% 73% 73% Advisory services and other................................. Total revenues............................................ 20 --- 100 27 --- 100 27 --- 100 Cost of services and fulfillment............................ 31 35 40 Selling and marketing....................................... 37 31 32 General and administrative.................................. 10 13 12 Depreciation and amortization............................... 6 9 5 Amortization of intangible assets........................... 1 -- 7 Integration costs........................................... -- -- 1 Reorganization costs........................................ 2 13 2 --- --- --- Income (loss) from operations............................. 13 (1) 1 Other income, net........................................... 5 5 3 Impairments of non-marketable investments, net.............. (2) (4) (1) Gain on sale of Internet AdWatch............................ 1 -- -- --- --- --- Income before income tax provision (benefit).............. 17 -- 3 Provision (benefit) for income taxes........................ 6 (1) 1 --- --- --- Net income................................................ 11% 1% 2% YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2002 === === === REVENUES. Total revenues increased 30% to $126.0 million in 2003 from $96.9 million in 2002. The acquisition of Giga closed on February 28, 2003, and as such, Giga's operations have been included in the consolidated financial statements since February 28, 2003. Revenues from research services increased 30% to $92.3 million in 2003 from $71.0 million in 2002. Increases in total revenues and revenues from research services were primarily attributable to increases in agreement value and client companies as a result of the Giga acquisition. No single client company accounted for more than 3% of revenues during 2003 or 2002. Advisory services and other revenues increased 30% to $33.7 million in 2003 from $26.0 million in 2002. During 2003, we held 8 Forrester Events and four legacy-Giga events as compared to 14 Forrester Events held during 2002. The increase in advisory services and other revenues is primarily attributable to increases in the number of clients to 1,812 at December 31, 2003 from 1,125 at De...
Results of Operations. To the best of each of their knowledge, the information concerning the Partnership's financial condition and the results of operations as of June 30, 1999 and for the period January 1, 1999 through June 30, 1999 attached hereto as Schedule 4.4 fairly presents in all material respects the financial condition and results of operation of the Partnership as of said date and for such period.
Results of Operations. COMPARISON OF 2002 TO 2001 Revenues. Our revenues in 2002 and 2001 are comprised of revenues for subscriptions to our services and implementation revenues. The following table sets forth for the periods indicated the components of revenue included in our consolidated statements of operations:
Results of Operations. We have presented the following data in thousands, except per share data. Statement of Operations Data Quarters Ended March 31, Years Ended December 31, ------------ ------------ --------------------------- 2003 2002 2002 2001 ------------ ------------ ------------ ------------ Revenue $ 12,657 $ 16,777 $ 63,175 $ 119,530 Cost of revenue 12,938 16,484 74,031 82,191 ------------ ------------ ------------ ------------ Gross profit (loss) (281) 293 (10,856) 37,339 Operating expenses: Selling, general and administrative 3,286 5,202 18,648 21,487 Research and development 744 1,353 4,868 8,204 Restructuring costs - - 39,086 - ------------ ------------ ------------ ------------ Total operating expenses 4,030 6,555 62,602 29,691 ------------ ------------ ------------ ------------ Income (loss) from operations (4,311) (6,262) (73,458) 7,648 Interest expense 237 385 1,326 2,081 Other (income) and expense, net (231) (717) 12,705 13,373 ------------ ------------ ------------ ------------ Loss before income tax benefit (4,317) (5,930) (87,489) (7,806) Income tax benefit - (2,372) (6,308) (2,810) ------------ ------------ ------------ ------------ Net loss $ (4,317) $ (3,558) $ (81,181) $ (4,996) ============ ============ ============ ============
Results of Operations. Three Months Ended April 1, 2001 as Compared with Three Months Ended March 26, 2000 Net sales in the first quarter of 2001 increased 1.9% to $164.0 million from $160.9 million in the first quarter of 2000. Foreign exchange had a negative effect on sales of approximately $4.4 million, or 3 percentage points of growth. Net sales in the Specialty Minerals segment, which includes the Precipitated Calcium Carbonate ("PCC") and Processed Minerals product lines, grew 4.4% in the first quarter of 2001 to $120.7 million from $115.6 million in the first quarter of 2000. Worldwide net sales of PCC grew 4.9% to $99.7 million from $95.0 million in the first quarter of 2000. Foreign exchange had a negative effect of approximately $2.4 million on sales. Growth in sales revenue in PCC for paper was primarily the result of two new satellite PCC plants and several expansions at existing satellite plants. This provided 15 units of new production capacity; a unit represents between 25,000 and 35,000 tons of annual PCC production. The Company also experienced lost sales from the shutdown of the International Paper Company mill in Mobile, Alabama, as well as from production slowdowns at several other paper xxxxx. Sales of PCC used for filling and coating paper had a 7% increase in volume. The Specialty PCC product line, used in non-paper applications, experienced a sales decline. This decline was attributable primarily to weak industry conditions and a more competitive environment in the calcium supplement market. At the same time, the Company's new Specialty PCC merchant plant in Brookhaven, Mississippi had lower-than-expected sales because of a delayed startup and longer-than-expected customer qualification programs. On January 2, 2001, the Company announced an agreement with Great Northern Paper, Inc. to build a satellite plant that will provide the Company's ATTM PCC for filling groundwood specialty paper to its Millinocket, Maine paper mill. This satellite will be equivalent to two units. On March 26, 2001, Minerals Technologies Inc. announced an agreement with M-real Corporation of Finland, formerly the Xxxxx-Xxxxx Group, to construct and operate a satellite PCC plant at a paper mill owned by M-real at Alizay, France. This plant, which will be equivalent to three satellite units, will produce PCC products used in the filling of wood-free printing and writing papers. The plant in Maine is expected to be operational in the third quarter of 2001 and the plant in France will ...
Results of Operations. The results of operations for the Trust's properties for the years ended December 31, 1998, 1997 and 1996 are detailed in the schedule below. Administrative expenses of the Trust are excluded. THREE ---------------- 6 ================================================================================ FUNDS FROM OPERATIONS The white paper on Funds from Operations approved by the board of governors of NAREIT in March 1995 defines funds from operations as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnership and joint ventures. The Trust computes Funds from Operations in accordance with the standards established by the white paper which may differ from the methodology for calculating Funds from Operations utilized by other equity REITs, and, accordingly, may not be comparable to such other REITs. Funds from Operations do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations, distributions, or other commitments and uncertainties. Funds from Operations should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Trust financial performance or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Trust liquidity, nor is it indicative of funds available to fund the Trust cash needs including its ability to make distributions. The Trust believes Funds from Operations are helpful to investors as measures of the performance of the Trust because along with cash flows from operating activities, financing activities and investing activities, they provide investors with an understanding of the ability of the Trust to incur and service debt and make capital expenditures.
